Introductory Economics
Supply and Demand
Measuring the Economy
Fiscal and Monetary Policy
Foreign Exchange
100
Objective and fact-based economics.
What is positive economics?
100
Changes in price motivate consumers to buy relatively cheaper substitute goods.
What is the substitution effect?
100
An index of the variation in prices paid by typical consumers for retail goods and other items.
What is Consumer Price Index?
100
The total amount of goods and services produced within an economy at a given overall price level in a given time period.
What is aggregate supply?
100
When the value of a country's currency decreases, this will be negatively affected.
What is the impact on imports?
200
A balance achieved between two desirable but incompatible features; a compromise.
What are trade-offs?
200
A reason why the Demand curve slopes downward; an effect that causes a change in price which affects the purchasing power of consumer income.
What is the income effect?
200
Sales of goods that were produced outside our country, used goods, black market trade, transfer payments made by the government, are all intermediate goods that are used to produce other final goods are considered to be what from this concept.
What is excluded from GDP?
200
The total need for goods and services within an economy in a specific time period, and the amounts of goods and services that will be purchased at all possible price levels
What is aggregate demand?
200
When the value of a country's currency increases, this will decrease.
What is the impact on exports?
300
The condition in which virtually all who are able and willing to work are employed.
What is full employment?
300
A law that say as you continue to consume a given product, you will eventually get less additional utility from each unit you consume.
What is Law of Diminishing Marginal Utility?
300
The proportion of people who are out of work.
What is unemployment?
300
A monetary policy used to help combat a recession with lowered taxes and increased government spending.
What is expansionary policy?
300
When the value of the Canadian dollar goes up relative to the Euro, this will occur.
What is an increase in demand for Canadian dollars?
400
An economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state.
What is capitalism?
400
A measurement of overall satisfaction for a consumer when they use a product or service.
What is utility?
400
A general increase in prices and fall in the purchasing value of money.
What is inflation?
400
A monetary policy used to help combat inflation with raised taxes and decreased government spending.
What is contractionary policy?
400
When there is an increase in demand for Pesos because it has relatively more value than the Yen, there will be an increased supply of this.
What is Yen?
500
This limits the number or, in certain cases, the value of goods and services that can be imported/exported during a particular time period.
What is a quota?
500
When the price of resources, number of producers, technology, taxes and subsidies, and expectations changes the supply of a good or service.
What are supply shifters?
500
Directly related to swings in the business cycle (ex: during a recession, people have stopped buying houses and cars, leaving those companies out of a lot of business) which means some industries may need to lay off workers.
What is cyclical unemployment?
500
What banks charge other banks for borrowing money known as the overnight loan.
What is the Federal Funds Rate?
500
When inflation, tastes and preferences, interest rates, and GDP levels of an economy cause a graph to move one way or another.
What are foreign exchange graph shifters?
M
e
n
u